UK: Seminar - Outsourcing Fund Management Administration
Last Updated: 8 October 2004

Outsourcing is the topic of conversation everywhere — and the world of fund management is no exception. Fund Managers are looking to outsource to reduce operational risk, to focus on supporting the business more effectively and to reduce costs.

Leading global law firm Latham & Watkins, in conjunction with Putnam Lovell, an investment banking firm focused on the financial services industry, will bring together industry specialists to debate the outsourcing trend, and its impact and influence on the future shape of the fund management industry. Aimed at CEOs, COOs and CFOs of fund management firms, as well as the heads of procurement and the in-house lawyers, the seminar will provide a strategic overview as well as explore implementation and regulatory issues. The event will take place in London on 20 October 2004.

Background

As recently as 18 months ago, Schroders, the UK's second largest listed fund management company, Merrill Lynch Investment Managers and Scottish Widows Investment Partnership, part of Lloyds TSB, the UK bank, were among the few to have signed outsourcing deals that handed considerable administrative functions to the leading custody banks.

Last year, however, there was a sudden surge of business. It began when Standard Life Investments, the Edinburgh-based subsidiary of Europe's biggest mutual, entered exclusive talks with Citigroup, the world's fourth largest custody bank. Within weeks, F&C Management, a London-based subsidiary of Eureko, a pan-European financial services group, had forged a link with Mellon Financial, another leading US bank. Since then there has been a host of significant lift-out deals.

Earlier in May, the first continental European fund management outsourcing was announced: ABN Amro Asset Management outsourced their €75 billion fund administration and investment operations services to State Street. The outsourcing trend continues unabated within the sector.

In addition to the complexity of conducting a major outsourcing transaction—people, contractors, negotiations, vendors, etc.— Fund Managers also need to focus on the regulatory implications of the business process change.

Putnam Lovell and Latham & Watkins are running a half-day seminar, specifically designed for the Fund Management sector, on the strategic role of outsourcing and the best approach to implementation. The event will include insights into the transactions already completed through the panel contribution of both vendors and fund management customers.

Program Agenda [For more information, please call Anine Leakey on +44 207 710 1865.]

Welcome and Introduction
Martin Saywell (Latham & Watkins) and Darlene DeRemer (Putnam Lovell)

The Role of Outsourcing in Fund Management: A Strategic Overview
This panel session moderated by Andrew Moyle (Latham & Watkins, London), speakers Don Putnam (Putnam Lovell) and Jeff Conway (State Street) will cover:

  • driving forces behind fund management outsourcing;
  • norms of fund management outsourcing; and
  • 10 things a fund management CEO needs to know about outsourcing

Key Things to Consider from the Regulatory Side
Chaired by Nigel Campion-Smith (Latham & Watkins, London)

Implementation: A Case Study
A panel discussion moderated by Putnam Lovell, speakers Dan Kramer (COO, Deutsche Asset Management), Darren Pearce (Managing Director, Bank of New York) and Nick Wright (Senior Vice President, Northern Trust) will discuss the life cycle of a real case study.

Implementation: Process, Process, Proccess
Alex Hamilton (Latham & Watkins, London) and Scott Sullivan (In-house Counsel, Deutsche Asset Management) will cover the five stages of an outsourcing.

Lunch with guest speaker, Mike Foster (Associate Editor, Financial News)

Sponsors

Latham & Watkins is a leader in corporate finance, capital markets transactions, mergers and acquisitions, and complex business litigation. With over 1,500 lawyers practicing in 21 offices, Latham is one of the few law firms capable of working seamlessly across geographic and practice boundaries to deliver top quality representation worldwide. For more information, visit us on our Web site at www.lw.com.

Putnam Lovell NBF Securities Inc. ("Putnam Lovell NBF") is an investment banking firm focused on the financial services industry. It offers merger and acquisition advice, equity capital markets, fixed income trading, and general corporate finance advisory services. It serves a global client base comprised of diversified financial services firms, institutional asset managers, mutual fund managers, banks, broker-dealers, insurers, and financial technology firms. Putnam Lovell NBF was founded in 1987 and operates from offices in Boston, London, New York and San Francisco. Putnam Lovell NBF Securities Inc. is regulated by the FSA and is an affiliate of NBC Financial (UK) Ltd. For more information on Putnam Lovell NBF, please visit: www.putnamlovellnbf.com
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